Russia Increases Taxes on Gazprom Despite Record Losses
The British Ministry of Defense reported that Russia will raise taxes on Gazprom, despite the energy giant suffering significant losses. Gazprom experienced a 30% drop in revenue and a $6.9 billion net loss due to strained relations with Europe after the invasion of Ukraine.
The company heavily relies on European markets, but with the EU moving away from Russian gas, Gazprom has struggled to find alternative markets. Russia’s decision to further raise taxes has led to a 15% cut in investments and restricted profits until 2030. To cope, Russia has been forced to export gas at reduced prices.
The EU and G7 have banned Russian gas imports on certain routes, prompting Gazprom to reduce production. Despite European countries still importing Russian LNG, regulations have been passed to block gas deliveries. The impact of these actions on Gazprom’s future remains uncertain.
Source: Ukraine strikes Russian oil refinery 1,500 kilometers from border
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